Condo Docs - Bella Vista Condominiums - Daytona Beach

Book: 5455
Page: 4581
the Unit Owners has been called to determine to provide no reserves or
reserves less adequate than required, and the result is not attained or a
quorum is not attained, the reserves, as included in the budget, shall go into
effect.
6.3 Notice of Budget Meeting. The Board of Directors shall mail a meeting
notice and copies of the proposed annual budget to the unit Owners not less than 14 days before the
meeting at which the budget will be considered. The meeting shall be open to all the Unit Owners.
6.4 Member Rejection of Excessive Budget. If a budget adopted by the Board of
Directors requires assessments against the Unit Owners in any fiscal year exceeding 115% of the
assessments for the previous year, the Board, shall be called if within 21 days after adoption of the
annual budget a written request for a special meeting from at least 10 percent of all voting interests
has been received by the board. The special meeting shall be conducted within 60 days after
adoption of the budget and notice of the special meeting shall be hand delivered or mailed to each
unit owner at least 14 days prior to such special meeting. At the special meeting, Unit Owners shall
consider and adopt a budget, which adoption requires an affirmative vote of not less than a majority
of all voting interests. If at the special meeting, a quorum is not attained or a substitute budget is not
adopted by the Unit Owners, the budget adopted by the Board of Directors shall go into effect as
scheduled. Provisions for reasonable reserves for repair or replacement of the Condominium
property, nonrecurring expenses, and assessments for betterment to the Condominium property shall
be excluded from the computation in determining whether assessments exceed 115% of similar
assessments in the previous year.
6.5 Alternative Budget Adoption bv Members. At its option, for any fiscal year,
the Board of Directors may propose a budget to the Unit Owners at a meeting of members or in
writing. If the proposed budget is approved by the Unit Owners at the meeting or by a majority of
all voting interests in writing, the budget shall be adopted.
6.6 Budget Restraints on Developer. As long as the Developer is in control of
the Board of Directors, the Board shall not impose an assessment for any year greater than 115% of
the previous year's assessments without approval of majority of all voting interests other than those
held by the Developer.
6.7 Accounting Records and Reports. The Association shall maintain accounting
records in the county in which the Condominium is located, according to goo accounting practices.
The records shall be open to inspection by any Association member or the authorized representative
of the member at all reasonable times. The records shall include, but are not limited to:
a. Accurate, itemized, and detailed records of all receipts and expenditures.
b. A current account and a monthly, bimonthly, or quarterly statement of the
account for each Unit designating the name of the Unit Owner, the due date
and amount of each assessment, the amount paid on the account, and the
balance due.
c. All audits, reviews, accounting statements, and financial reports of the
Association or Condominium.
d. All contracts for work to be performed. Bids for work to be performed shall
also be considered official records and shall be maintained for a period ofone
year. Within 60 days after the end of each fiscal year, the Board of Directors
shall mail or furnish by personal delivery to each Unit Owner a complete
financial report of actual receipts and expenditures for the previous 12
months.
. 6.8 Depository. The depository ofthe Association shall be those banks or savings
and loan Associations, state or federal, located in Florida, as shall be designated from time to time
by the Board of Directors and in which the money for the Association shall be deposited.
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